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Protection industry paid out £3.1bn in 2013

Aaron Strutt Image

Data published by the Association of British Insurers (ABI) shows the protection industry paid out a total of £3.1 billion across critical illness and income protection insurance policies during 2013.

The average claim paid for individual income protection policies for those unable to work was £11,500 paying out while the typical pay-out on a term life insurance policy was £51,500 with 98.4% of claims being paid.

Helen White, the ABI’s head of protection, said: “The insurance industry pays out £8.4m every day in individual life, critical illness and income protection insurance claims. This makes a real difference to people’s lives at some of the most difficult of times with 97% of all claims paid in 2013.” 

As seen in
sunday times telegraph financial times bbc news the express the times
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